Updated CMS Lock Policy
Effective May 27, 2020 Carrington Mortgage Services, LLC (CMS) will offer a 60-day lock to brokers prior to loan submission when the loan has been registered in BrokerIQ.
|Loan Type||Available Lock Terms||Additional Requirements|
|All Loan Types||60-Days||Loan registered in BrokerIQ|
|15-Days||Loan must be Approved with All Conditions Submitted for final Clear to Close|
- Maximum of up to two extensions
- Maximum extension period of 15 days in the aggregate
- Current extension fee charges remain in place (see rate sheet)
- Free 3 day remains in place (existing policy applies)
- No additional concessions will be considered for extension fees charged
Please contact your Account Executive or Account Manager with any questions.
Carrington thanks you for your business.